Ballys Incorporated has declared the preliminary outcomes of its adjusted “Dutch auction” tender bid, concluding on July 22, 2022.
A substantial quantity of Bally’s circulating shares, almost 4.86 million, were submitted at or beneath the cost of $22.00 per share. This encompasses shares that were contingent on assured delivery protocols.
Consequently, Bally’s projects acquiring these shares at a rate of $22.00 each, aggregating roughly $106.9 million. This sum excludes any charges or expenditures linked to the tender bid.
These proffered shares constitute approximately 9.2% of Bally’s overall outstanding common stock. The corporation doesn’t foresee implementing any pro rata modifications, signifying their aim to receive all shares that were legitimately tendered at or below the $22.00 threshold.
It’s noteworthy that the definitive count of shares procured could still marginally fluctuate as the initial data undergoes confirmation by the depository. An official proclamation with the conclusive figures will be issued subsequent to the guaranteed delivery period’s termination and the completion of the depository’s validation procedure.
Ballys Corporation confirmed their legal capacity to repurchase their shares, both publicly and privately. This buyback program presents an alternative for shareholders seeking to divest, potentially mirroring, exceeding, or falling short of their previous proposition.
Currently, the corporation has allocated $334.6 million toward this initiative as part of their capital return strategy for investors.
To recap, in June 2022, Bally’s proposed a tender offer to acquire 19% of their outstanding stock.